Styrenix Performance Materials Ltd

Financial Performance

• Total income stand-alone: INR 770.5 crores; up 6.6% YoY.
• EBITDA stand-alone: INR 201.4 crores; up 133.9%.
• EBITDA margin stand-alone: 26.1%, up 1420 bps.
• PAT stand-alone: INR 137.3 crores; up 150.3%.
• PAT margin stand-alone: 17.8%, up 1023 bps.
• Consolidated total income: INR 1,014.2 crores.
• Consolidated EBITDA: INR 223.6 crores; margin 22%.
• Consolidated PAT: INR 138.3 crores; margin 13.6%.
• Consolidated volume: 50.8 KT.
• Standalone volume: 38.9 KT; down 26% YoY.

Demand and Market Dynamics

• Market uncertainties from macro conditions and geopolitics persisted.
• Non-OEM demand declined more than OEM.
• Total polymer volumes declined around 15-25%, depending on segment.
• OEM ABS share around 70% or higher; non-OEM softer.
• Import data not publicly shared; no significant variance last quarter.
• Thailand costs higher; volumes subdued; capex progress.
• Strategy remains dynamic; procure raw materials sensibly; meet demand amid volatility.

Capex and Projects

• ABS expansion is online; completion planned accordingly.
• SAN capacity about 100,000 tonnes; merchant sales continue.
• SAN annual volume close to 15,000–20,000 tonnes sold; largely in-house.
• ABS expansion capex ongoing; capacities expanded across rubber, SAN, and compounding.
• Thailand expansion of 50,000 tonnes; timing within financial year.
• Capex plan remains on track; capital-allocation aligned with growth; returns to shareholders.
• ABS expansion commissioning timing not disclosed; environment remains volatile.

Inventory and Working Capital

• Finished goods inventory roughly unchanged.
• RM inventory higher; sourcing shifted to alternate styrene sources.
• Lead times 10–15 days longer; due to sourcing shifts.
• Prices of styrene, acrylonitrile, butadiene volatile; range moving.
• ABS expansion online; SAN not impacted.

Guidance and Q&A Highlights

• No formal volume guidance; management does not provide ABS-year volume targets.
• Normalization expected over time; caution on margin expansion due to volatility.
• Thailand volumes may improve gradually; focus on safety and reliability.
• Capex timing not specified; commissioning timing uncertain.
• Capital allocation balances growth capex with shareholder returns.

Meeting Details

• Board meeting on August 04, 2026; time and venue not disclosed.

Key Agenda Items

• Approve standalone and consolidated unaudited financial results for Q1 FY2026-27 ended June 30, 2026.
• Consider and declare interim dividend for FY 2026-27, if any.

Other Notes

• Trading window closed for designated persons from July 1, 2026 to 48 hours after results declaration.

Dematerialisation status

• Dematerialisation requests processed; accepted/rejected and reported to depositories for the reporting period.
• Securities dematerialised listed on stock exchanges where existing securities are listed.
• Physical certificates dematerialised were mutilated and cancelled; depository name substituted as registered owner within timelines.

Results and audit

• 📊 Board approved audited standalone and consolidated results for FY26 and Q4 FY26.
• 📊 Statutory auditors issued an unmodified opinion on standalone and consolidated FY26 results.
• 📊 Q4 and FY26 results were approved on May 16, 2026, with audit report enclosed.

Exceptional item

• 📊 Consolidated results include Rs 2.78 crore exceptional item from Labour Code impact.
• 📊 Exceptional item comprises Rs 2.28 crore gratuity and Rs 0.50 crore leave encashment.

Auditor matters

• 🗒️ Key audit matter covered employee benefit obligations under the new Labour Codes.
• 🗒️ Auditors said management's assessment and related financial statement impact were reasonable.

Appointments

• 📍 Sharp & Tannan Associates appointed internal auditors for FY27.
• 📍 Kailash Sankhlecha & Associates appointed cost auditor for FY27, subject to shareholder ratification.

Business model

• Styrenix Performance Materials makes performance materials and related specialty polymer products.
• The group includes Styrenix Performance Materials Ltd and subsidiaries in Thailand.

Financial results

• Approved audited standalone and consolidated results for Q4 and FY ended March 31, 2026.
• Auditors issued an unmodified opinion on the annual audited results.

Auditor report

• Talati & Talati LLP audited the standalone and consolidated financial results.
• No modified opinion or material adverse remark was reported.

Appointments

• Appointed Sharp & Tannan Associates as internal auditors for FY 2026-27.
• Appointed Kailash Sankhlecha & Associates as cost auditor for FY 2026-27.
• Cost auditor remuneration requires shareholder ratification at the AGM.